The U.S. private sector added 42,000 jobs in October, signaling a modest rebound after two straight months of losses, according to payroll firm ADP on Wednesday.
The gain surpassed economists’ expectations of 37,500 jobs but reflected a sluggish recovery, with hiring far below last year’s pace.
ADP chief economist Nela Richardson described the job growth as “tepid and not broad-based.” Revised figures showed smaller declines in August and September than previously estimated.
Employment at US companies increased in October as private-sector payrolls grew by 42,000 after a revised 29,000 decline a month earlier, according to ADP Research data released Wednesday.
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The report’s release came as the federal government shutdown has halted the Labor Department’s official employment data, making ADP’s figures the main indicator of labor market trends.
Federal Reserve Chair Jerome Powell said the lack of federal data is “clouding” the Fed’s ability to assess the economy. The central bank cut interest rates by a quarter point last week but remains cautious amid stubborn inflation at 3% and rising unemployment at 4.3%.
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TIPP Staff
TIPP Staff
